What is Minimal Asset Process?

This solution would allow you to write off your unsecured debts within a short period of time, 6 months as opposed to 12 month in sequestration however, it is only for people with no disposable income after essential living costs are met.

Scottish Debt Help are happy to answer your questions on the above and look at alternatives to avoid. Important considerations that are important to know are below.

Any other assets must equate to less than £2000 and one single asset must not be worth more than £1000

There must be no disposable income

What is the process of a MAP Bankruptcy?

There is an application cost of £90, you will also need to get advice from an approved money advisor. This is not a solution we offer or can assist with however if it looks like you meet the criteria, we will refer you accordingly to someone who can.

Benefits

It costs £90 to apply, opposed to £200 for full administration sequestration. This is payable to the Accountant in Bankruptcy (AIB).

You will not need to appear in court.

If Approved, your creditors must cease contact via all methods of communication.

Your appointed Trustee will be the AIB.

Considerations

It can affect your career, dependant upon your job.

It will affect your credit rating.

There is a chance your bank account may be frozen and it is likely you will only be able to operate a basic bank account.

FAQs

What debts can be included?

The majority of debts can be included however if you have any criminal/court fines, CSA arrears or Student loans, you will need to maintain these as normal.

Can I keep my car?

Your car will be safe but you can not look at this option if it is valued at more than £3000.

Money Advice Service

The Money Advice Service is an important service set up by the Government. They provide free debt counseling, debt adjustment and credit information.

About Us

www.scottish-debthelp.co.uk is a trading style of UK DEBT HELP LTD, UK DEBT HELP LTD provides a professional and thorough fact find service. After UK DEBT HELP LTD have completed the initial fact find UK DEBT HELP LTD offer a no obligation referral to qualified partners who can provide advice. If you meet the criteria of a Trust Deed or Sequestration and you choose to proceed, your information and completed initial fact find will be provided to a qualified trustee (Insolvency Practitioner). The qualified persons or organisation will then provide advice and will be able to take the appointment on for you, however you are under no obligation to proceed. Free and Impartial advice, debt counselling, debt adjustment and credit information services are available from the Money Advice Service and you can find out more by contacting them or calling 0800 138 777. You can also choose to receive advice from debt advisors regulated through the Financial Conduct Authority. If you then want to use their services, we get a fee for introducing you, or for the preparatory work we complete, fees are payable if ongoing services are provided. The solutions on this page are only available if you reside in Scotland. Company Number: SC591873 - 272 Bath Street, Glasgow, Scotland, G2 4JR. DPA number ZA330116